SWG is like the only big budget sandbox game ever made, and it was made by SOE. We have had a bunch of low budget tries at making a good sandbox but all but EVE have failed. If you watch how SOE has been running EQ and EQ2 for the last couple years you will get a better idea of what they intend for EQN I think. Stuff like player studio and create your own dungeon is definitely them trying out different ideas for new games. They still push housing in their games way harder than any other company... house of thule was only released in 2010, so unless you expect me to believe they spent all that time and money developing the neighborhood system and housing purely for a 11 year old (at the time) game I am gonna believe they they are using these games as testbeds for what people want in a new mmo. Ditto with player made dungeons hitting EQ2 just last year.Definitely overhyped, but unlike copernicus it is almost 100% guaranteed to actually get released. Dogshit or not, it will at least see the light of day. Still don't see why all the sandbox folks have any faith at all in Sony creating the game they want when Sony has pretty much nil in the sandbox department as actual design decisions instead of unintended results.
They are focused pretty intently on where they can go with player generated content. If they intend to let player owned stuff be primarily non-instanced they need a big big world, which they have hinted at, then I will be pretty happy. Primary thing I don't like about modern games housing and player own content is that it is instanced, its not exciting if only you ever see it. I don't know what to expect but I think if you expect WoW + some minor sandbox stuff you are gonna be wrong.